The real estate investment trust, based in Minot, North Dakota, said it had funds from operations of $10.6 million, or 8 cents per share, in the period. That matched the average estimate of three analysts surveyed by Zacks Investment Research.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

IRET recently announced a strategy to concentrate on acquiring and owning multifamily properties. IRET began selling its senior housing properties late last year, and began selling off other assets including health care real estate.

IRET owned interests in 87 apartment communities consisting of 13,703 apartment units as of July 31, according to its most recent earnings press release.

The trust made a number of high-profile apartment purchases in the Twin Cities last year. Its biggest purchase last year was the Park Place apartments at 14550 34th Ave. N. in Plymouth. IRET paid Raith Capital Partners $92.3 million on Sept. 13, 2017, for the 500-unit complex.

In December, IRET sold a $367.7 million medical office space portfolio that included 20 properties in the Twin Cities, Finance & Commerce reported. The other properties were in Montana, North Dakota, Nebraska and Wisconsin, Finance & Commerce reported.

The company said it had net income of $1.2 million, or 1 cent per share, during the first quarter of 2018. The real estate investment trust posted revenue of $45.9 million in the period.

The company’s shares have dropped nearly 4 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $5.47, a fall of 11 percent in the last 12 months.

Staff writer Matt Johnson and The Associated Press contributed to this report.